Prepare Loss on Issue of Debentures Account the years ended 31st March- 2017 and 31st March- 2018-

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Prepare Loss on Issue of Debentures Account for the years ended $$31$$st March, $$2017$$ and $$31$$st March, $$2018$$.

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SRCC Ltd. has issued on 1st April, 2016, 20,000,12% Debentures of ₹ 100 each redeemable by draw of lots as under:

During the year ended on 31st March,2017 : 15%
During the year ended on 31st March,2018 : 25%
During the year ended on 31st March,2019 : 15%
During the year ended on 31st March,2020 : 25%
During the year ended on 31st March,2021 : 20%

How much minimum investment or deposit should be made by SRCC Ltd. as per Companies Act, 2013 before redemption of debentures? When should it be made ?

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On 1st June, 2015, R Energy Ltd. issued 10,000, 7% Debentures of ₹ 100 each at a discount of 10% redeemable at a premium of 10% at the end of five years . All the debentures were subscribed and allotment was made . Loss on issue of Debentures is to be written off over the life of the debentures.
Prepare the Balance Sheet (extract) as at 31st March, 2016 and 31st March, 2017 showing Loss on issue of Debentures.

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SRCC Ltd. has issued on 1st April, 2017, 20,000, 12% Debentures of ₹ 100 each redeemable by draw of lots as under:

During the year ended on 31st March, 2018 : 15%
During the year ended on 31st March, 2019 : 25%
During the year ended on 31st March, 2020 : 15%
During the year ended on 31st March, 2021 : 25%
During the year ended on 31st March, 2022 : 20%

How much minimum investment should be made by SRCC Ltd. as per Companies Act, 2013 before redemption of debentures? When should it be made?

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On 1st April, 2015. Mathew Ltd. issued 10,000, 9% Debentures of ₹ 100 each at a discount of 5%, redeemable at a premium of 5%. These debentures were redeemable as follows:

On 31st March, 2016	2,000 Debentures;
On 31st March, 2017	5,000 Debentures;
On 31st March, 2018	3,000 Debentures.

Prepare the Loss on Issue of Debentures Account, Debentures Account and Premium on Redemption of Debentures Account for three years.

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From the following Receipts and Payments Account and additional information given below , prepare Income and Expenditure Account and Balance Sheet of Rural Literacy Society as on 31st March, 2018:

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31 st March, 2018
Dr.				Cr.
Receipts		Amount (₹)	Payments	Amount (₹)
To Balance b/d			By General Expenses	32,000
Cash in Hand		40,000	By Newspaper	18,500
Cash at Bank		1,55,500	By Electricity	30,000
To Subscriptions:			By Fixed Deposit with Bank	1,80,000
2016-17	12,000		(On 30th September, 2017 @ 10%p.a.)
2017-18	2,65,000		By Books	70,000
2018-19	5,000	2,82,000	By Salary	36,000
To Sale of Old Newspaper		12,500	By Rent	65,000
To Government Grant		1,20,000	By Postage Charges	3,000
To Sale of Old Furniture		37,000	By Furniture (purchased)	1,05,000
(Book value ₹50,000)			By Balance c/d:
To Interest received on Fixed Deposit		4,500	Cash in Hand	30,000
			Cash at Bank	82,000
		6,51,500		6,51,500

Additional information:
(i) Subscription outstanding as on 31st March, 2017 ₹ 20,000 and on 31st March, 2018 ₹ 15,000.
(ii) On 31st March , 2018, salary outstanding ₹ 6,000 and one month rent paid in advance.
(iii) On 1st April, 2017, society owned furniture ₹ 1,20,000 and books ₹ 50,000.

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